RAPAPORT... US polished diamond imports slid 15% to $1.49 billion in February, according to government data.

By volume, polished imports fell 18% to 635,000 carats, with the average price increasing 3% to $2,345 per carat, figures showed.

Polished exports dropped 11% to $1.75 billion. Net polished imports — the difference between inbound and outbound shipments — stood at negative $257 million, compared with negative $214 million last year, as exports once again exceeded imports in February.

During the month, exports to Hong Kong ahead of the Hong Kong International Diamond, Gem & Pearl Show stood at $633.1 million compared with imports of $62.4 million, dragging down the net figure.

Total rough imports to the US went up 14% to $50 million, while rough exports leapt 37% to $31 million, leaving net rough imports 10% lower at $20 million.

The US net diamond account for the month, calculated as total rough and polished imports minus total exports, stood at negative $237 million compared with negative $192 million a year earlier.

During the first two months of the year, polished imports fell 14% to $3.25 billion, while polished exports decreased 13% to $2.99 billion, meaning net polished imports fell 24% to $261 million. Rough imports, however, soared 90% to $170 million, and rough exports increased 78% to $86 million, resulting in net rough imports more than doubling to $84 million from $41 million a year ago.

The US net diamond account for January and February, meanwhile, dipped 10% to $345 million.